American Express® High Yield Savings Review: High APY With No Fees

With a high annual percentage yield (APY) and no fees, American Express® High Yield Savings from American Express® National Bank (member FDIC) will appeal to many savers who don't require branch access. The account has no maintenance fees and offers unlimited transfers and withdrawals.

Our in-depth review of American Express® High Yield Savings will help you decide if it's the right tool to maximize your savings.

American Express® High Yield Savings interest rate

An APY of 4.30% makes this savings account one of the best options out there. The interest you earn on your saved cash compounds daily (and will be deposited monthly), so you'll accrue more money more quickly.

Here are the pros and cons of opening an American Express® High Yield Savings account.

Top perks

4.30% APY as of April 9, 2024: When choosing a high-yield savings account, APY is one of the most important factors. The American Express® High Yield Savings offers one of the higher APYs we know of.

Ease of use: You can set up and start using your American Express® High Yield Savings in minutes. You can also have multiple linked accounts and move money between them. 

No maintenance fees: As an online bank, American Express National Bank doesn't have the overhead costs of brick-and-mortar banks. As such, it can offer its High Yield Savings Account for free with no minimum account balance.

No minimum to open account: There's no minimum opening deposit or required balance for the American Express® High Yield Savings. Your money will earn the full APY, regardless of your balance.

24/7 customer support: If you need help, you can get support from a customer representative over the phone 24/7. American Express also has free educational tools and resources, including free credit scores and reports for its members.

FDIC insured: American Express National Bank is an FDIC member. This means that, just as with any traditional bank account, you're covered for as much as $250,000 per depositor, per institution, in the event of bank failure.

What could be improved

There are a few less-than-ideal features of this savings account you should know about.

No branches: American Express has no physical branches, so you won't be able to bank in person or talk to a person face to face.

ATM access: ATM cards, debit cards, and checks are not provided, so you can't access your cash through an ATM.

Processing time: It takes one to two business days for transferred funds to appear in your linked bank account, not including the time it takes to link the account. That could be a problem if you need immediate access to your cash.

While American Express National Bank has no physical branches, you still have several options to access your money easily and quickly -- some of which are fee free.

Deposit options

There are multiple ways to deposit funds into your American Express® High Yield Savings, including:

• Mobile check deposit through the American Express app
• Electronic bank transfer from a linked bank account
• Wire transfer
• Mailing a physical check

You can initiate transfers online or via phone 24/7, but if it's after 7 p.m. Eastern Time, American Express considers the transfer to have occurred on the next business day. You also have the choice of setting up a one-time transfer or recurring transfer. Recurring transfers make it easy to regularly contribute to your savings.

Withdrawal options

You can use the same methods to withdraw money as you would to deposit it:

• Electronic bank transfer
• Wire transfer
• Physical checks

One of the biggest downsides of the American Express® High Yield Savings is there's no way to access your money quickly. It takes one to three days for the funds to show up in your linked bank account after you make a withdrawal. But you can work around this by planning ahead and arranging to transfer funds several days before you'll need the money.

You can withdraw all the money in your account at any time. However, if your account maintains a zero balance for 180 days, American Express will automatically close it.

Requirements to open a American Express® High Yield Savings account

To open an Amex High-Yield Savings account, you must:

• Be at least 18 years old
• Be a U.S. citizen OR a resident alien with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) with a home address in the U.S.
• Use the account for personal use

American Express Savings customer service

American Express Savings is available 24 hours a day, 7 days a week at 1-800-446-6307. You can also reach Amex's Savings by mail at: American Express. National Bank, P.O. Box 30384, Salt Lake City, Utah 84130.

If you want the highest possible returns on a savings account and you can plan ahead to deposit and withdraw funds, the American Express® High Yield Savings is a great choice. The absence of fees and ability to maintain multiple accounts provide a lot of flexibility. With the account's high APY, your savings will earn a competitive APY without risk to your deposited funds.

If you think you'll miss having a local branch to visit for your banking needs or you'll need immediate access to cash, you should look elsewhere.

Keep reading about American Express

• American Express® National Bank Review
• American Express® National Bank Promotions
• American Express Rewards Checking Review
• American Express® National Bank CD Rates

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.